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EEC discussed possible creation of Eurasian direct investment fund under AIFC

EEC discussed possible creation of Eurasian direct investment fund under AIFC

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9/11/2020
The Eurasian Economic Commission jointly with the Astana International Financial Center (AIFC) held a seminar on activities of development institutions in the Eurasian Economic Union.


Earlier, the Kyrgyz Republic had highlighted the need to create a new institution for development and support of the EAEU in order to equalize the development levels of its States. To examine this proposal, a special working group was formed composed of representatives of the Union States' authorized executive bodies and experts led by Sergei Glazyev, Minister in charge of Integration and Macroeconomics.

"As we explore the work experience of the Astana International Financial Center, we can get further idea on possible ways to solve the task of forming a new institution for development and support of the EAEU," Sergei Glazyev pointed out opening the seminar. 

The AIFC Governor Kairat Kelimbetov proposed to examine possible creation of the Eurasian (regional) direct investment fund under the AIFC. The financial center's representatives presented information on promising areas for joint work, told about their platform's advantages including its functioning under the English law, preferential tax treatment, wide range of financial technologies, and the opportunity to attract international capital for project financing.

The financial center's representatives mentioned that the AIFC exchange had been created as an international venue to attract capital, including to implement projects within the Belt and Road Initiative. Coupling with this initiative is one of the tasks outlined in the draft Strategic Directions for Developing the Eurasian Economic Integration until 2025. 

Representatives of the EAEU Member States' existing development institutions - Development and Investments Corporation of Armenia, Development Bank of the Republic of Belarus, Russian-Kyrgyz Development Fund - shared their work experience and vision of possible interaction within the Union. 

Following the seminar, the submitted proposals will make part of the dossier for the meeting of the Commission's Council.​